Mining industry in Panama is steadily growing and in 2013 the growth was at 25%. It is still the begging stage of the industry, because the total value of proven reserves estimated at $200 billion. So far, the total value of the industry in Panama was $553 million. The forecast is positive and the proven reserves for the following metals are as follows: 50 billion pounds of copper, 12 million ounces of gold, 25,000 ounces of silver, 250 tons of molybdenum which in today’s prices is approximately $200 million.
At least 53% of this amount will be taxes and dividends, according to Mr. Morales, Executive Director of the Mining Chamber of Panama.
At the moment the mining industry generates just 2.1$ of the GDP of the country, but it is expected that the industry will play a much larger role in the economy of the country in two to three years. All in all, it looks like mining in Pamama has a promising future.
